which continues to benefit from the strength of our unique portfolio of rapid endotoxin and bioburden testing systems and microbial identification services.


I think that private equity just has a ton of money that they have to put to work. So -- but I think it's more focus -- more a matter of discipline on the part of

i think that private equity just has a ton of money that they have to put to work so -- but i think it's more focus -- more a matter of discipline on the part of


is a similar rate to the entire group. So would that be a number that you would be, perhaps be a little bit disappointed at in terms of what it would imply for those

is a similar rate to the entire group so would that be a number that you would be perhaps be a little bit disappointed in terms of what it would imply for those


A fourth proof point, we continue generating considerable cost savings for our customers through our technical expertise on the plant floor.

a fourth proof point we continue generating considerable cost savings for our customers through our technical expertise on the plant floor


Their operational footprint should afford us more opportunities for growth and drive more waste streams into our network, particularly in the Gulf and Midwest going forward.

their operational footprint should afford us more opportunities for growth and drive more waste streams into our network particularly in the gulf and midwest going forward


and the loss of revenue from certain customers, in connection with the replacement of our Telstar 12 satellite with our Telstar 12 VANTAGE satellite early last year.

and the loss of revenue from certain customers in connection with the replacement of our telstar 12 satellite with our telstar 12 vantage satellite early last year


Within our retail offerings broadly, we focused on leasing to businesses that offer immediate needed services that are less susceptible to Amazon-type competition,

within our retail offerings broadly we focus on leasing to businesses that offer immediate needed services that are less susceptible to amazon-type competition


this is a -- really a combination of several key things going on in the group right now. Number one, it's a fundamental and continued strategic shift.

this is a -- really a combination of several key things going on in the group right now number one it's a fundamental and continued strategic shift


Gas Transmission business is now expected to grow slightly faster, driven by projects like the Humber Estuary, with spend on compressors to comply with environmental legislation.

the gas transmission business is now expected to grow slightly faster driven by projects like the humber estuary together with spend on compressors to comply with environmental legislation


We expect continued growth in our business outpacing our underlying markets, which will be led by our focus on highly engineered innovative products that provide high-quality solutions to our customers.

we expect continued growth in our business outpacing our underlying markets which will be led by our focus on highly engineered innovative products that provide high-quality solutions to our customers


look at is, we look at both sides and we have a pretty clear matrix of what any individual deal will do to strengthen

look at as we look at both sides and we have a pretty clear matrix of what it -- what any individual deal will do to strengthen


One way Ralph made this company great was by being an entrepreneur, and that's what we're going back to. We're going to move fast to begin executing our growth strategy,

one way rath made this company great was by being an entrepreneur and that's what we're going back to we're going to move fast to begin executing our growth strategy


Our target customer, the upscale and fashion conscious homeowner, relies on these professionals for assistance, and we need to assure these professionals that we can serve them and their customers properly.

our target customer the upscale and fashion-conscious homeowner relies on these professionals for assistance and we need to assure these professionals that we can serve them and their customers properly


Our balance sheet remained very solid, and we continue to have significant flexibility to capitalize on attractive investment opportunities when they meet our return requirements.

our balance sheet remains very solid and we continue to have significant flexibility to capitalize on attractive investment opportunities when they meet our return requirements


I personally attended this event and came away highly impressed by the talent level, energy and commitment displayed by our EMEA sales leadership team.

i personally attended this event and came away highly impressed by the talent level energy and commitment displayed by our emea sales leadership team


In the first quarter, our volumes declined 3%. A portion of that decrease was expected as we executed our margin management and pruning actions.

in the first quarter our volumes declined 3% a portion of that decrease was expected as we executed our margin management and pruning actions


including accounts receivable net of allowance classified as noncurrent that are owed from a customer that recently filed a voluntary petition for reorganization.


with the current demand we have and the current demand we see going forward, not so much in the fourth quarter mostly because of the seasonality, we would be in better shape.

with the current demand we have and the current demand we see going forward not so much in the fourth quarter mostly because of seasonality would be in better shape


In discussing our results during the call, references to adjusted EBITA and adjusted EBIT margins exclude restructuring and integration costs as well as other special items.

in discussing our results during the call references to adjusted ebita and adjusted ebit margins exclude restructuring and integration costs as well as other special items


We remain focused on growing our portfolio through acquisitions. We have gained considerable experience successfully integrating a number of acquisitions over the past year

we remain focused on growing our portfolio through acquisitions we have gained considerable experience successfully integrating a number of acquisitions over the past year


and we are also as I mentioned previously to John that we would expect with this backlog that half is to be covered in this quarter and about half in the next quarter.

and we are also as i mentioned previously to john that we would expect that this backlog half of -- to be covered in this quarter and about half in the next quarter


While we still have a couple of years to complete our integration, the actions required in the first year of building a new organization and culture are the hardest and most sensitive.

while we still have a couple of years to complete our integration the actions required in the first year of building a new organization and culture are the hardest and most sensitive


As such, the company revised its estimate of revenue for each open and -- each open technical and professional case downward to the actual cash collection experience.

as such the company revised its estimate of revenue for each open and -- each open technical and professional case downward to the actual cash collection experience


We have had success with the sale of a Puerto Rico GO claim, the sale of a portfolio of private equity holdings we had in our investment portfolio

we have had success with the sale of a puerto rico geo claim the sale of a portfolio of private equity holdings we had in our investment portfolio


as well as some of the folks in other regions are getting pretty excited for us about being able to offer some of these products. Because we've got manufacturing in other parts of the world, that also

as well as some of the folks in other regions are getting pretty excited for us about being able to offer some of these products because we've got manufacturing in other parts of the world it also


I want to focus your attention on the fact that the numbers you saw were new policy only for home and motor, so that doesn't take into account the churn rates and so on.

i want to focus your attention on the fact that the numbers you saw were new policy only for home and motor so that doesn't take into account of churn rates and so on


these 3 transactions are just a few examples of the types of investments that Carlyle pursues, which quite frankly, few firms have the expertise or resources to complete.

these 3 transactions are just a few examples of the types of investments that carlyle pursues which quite frankly few firms have the expertise or resources to complete


As you certainly have read in the newspapers through the last weeks, OEMs are currently starting significant savings programs and also head count reduction.

as you certainly have read in the newspapers through the last weeks oms are currently starting significant savings programs and also headcount reduction


However, as mortgage banking activity is rebounding, as we plan to pay off our old senior notes in September at substantial interest savings,

however as mortgage banking activity is rebounding as we plan to pay off our old senior notes in september at substantial interest savings


and it's more kind of revamping manufacturing strategy in the Colorado facility, taking a hard look at our -- that Culture business and what to do with the Culture business

and it's more kind of revamping manufacturing strategy in the colorado facility taking a hard look at our -- that culture business and what to do with the culture business


Thank you, Mary Lou. Let me provide a summary of our go-forward growth strategy. The 3 key components of our strategy revolve around optimizing our entire portfolio,

thank you mary lou let me provide a summary of our go-forward growth strategy the 3 key components of our strategy revolve around optimizing our entire portfolio


Thank you, Glenda. To conclude. We believe there are few companies in our sector that can match our combination of profitability, growth and visibility.

thank you glenda to conclude we believe there are few companies in our sector that can match our combination of profitability growth and visibility


we had indicated that within a period of 18 months, which is by September 18th, we would be double the number which is at about 16 million-plus customers.

we had indicated that within a period of 18 months which is by september '18 we would be double the number which is at about 16 million plus customers


Because of the proactive measures we took to right size our energy businesses during the downturn, we feel positioned to support new activity as drilling and rig counts continue to improve.

because of the proactive measures we took to rightsize our energy businesses during the downturn we feel positioned to support new activity as drilling and rig counts continue to improve


We work towards allocating capital to where we think the best opportunities are. So I don't even want to speculate as to whether it'll go higher or lower. It's very dependent on the opportunity set.

we work towards allocating capital to where we think the best opportunities are so i don't even want to speculate as to whether it will go higher or lower it's very dependent on the opportunity set


Now that the standardized model is applied, our banks will see a relief that offsets the impact of the net deductions to CET1, including the full deduction of previously grandfather goodwill.

now that the standardized model is applied our banks will see a relief that offsets the impact of the net deductions to ct1 including the full deduction of previously grandfather goodwill


be able to compare first quarter with second quarter. But to compare to what happened in the past, there is some differences that do not change bottom line, but do change your ratios.

be able to compare first quarter with second quarter but to compare to what happened in the past there are some subtle differences that do not change bottom line but do change the euras


This was our most difficult comparison, was in April. I think the industry also probably had some more challenging comparisons. So I think from a cheer perspective, it might not be as off as it may first appear.

this was our most difficult comparison was in april and i think the industry also probably had some more challenging comparisons so i think from a 2-year perspective it might not be as off as it may first appear


And we have had limited pricing in place and have been executing on a front-loaded development pipeline, all those have been factors that we expected and were know.

and have had limited pricing in place and have been executing on a front-loaded development pipeline all those have been factors that we expected and were known


Before we wrap up this recording, I'd like to share some recent recognition Erie earned from 2 national organizations for our commitment to employee health and wellness.

before we wrap up this recording i'd like to share some recent recognition erie earned from 2 national organizations for our commitment to employee health and wellness


it having to get at its cost situation and get its footprint the way it needed to be. So over time, I think you actually did see a shift. And so while you might not see a top line that's moved as much as you had expected,

it having to get at its cost situation and get its footprint the way it needed to be so over time i think you actually did see a shift and so while you may not see a top line that's moved as much as you had expected


and a challenging books market for us this Christmas with no big genre to match the humor book titles or adult coloring books of the previous 2 years.

and a challenging books market for us this christmas with no big genre to match the humor book titles or adult coloring books of the previous 2 years


very high. So if you look at most of our suppliers, I won't name names, you can do it yourself, but they've had a very good run the last few years.

very high so if you look at most of our suppliers i won't name names you can do it yourself but they've had a very good run the last few years so


Our renewed emphasis on the consumer finance market in Germany to boost margins and reduce our concentration on mortgages led to a 5% growth in new customer volumes.

our renewed emphasis on the consumer finance market in germany to boost margins and reduce our concentration on mortgages led to a 5% growth in new customer volumes


This was of particular importance following the Rice acquisition as we have the opportunity to significantly lengthen many wells, even though those wells had already been spud by EQT or Rice.

this was of particular importance following the rice acquisition as we have the opportunity to significantly lengthen many wells even though those wells had already been spudded by eqt or rice


really want to be holding in cash abroad or some amount that's required by regulators. So essentially, how much of that cash is liquid? And then, how do you think about the use cases for that?

really want to be holding in cash abroad or some amount that's required by regulators so essentially how much of that cash is liquid and then how do you think about the use cases for that


I'd like to remind you that this conference call will contain forward-looking statements which are based on the expectations, estimates and projections of management as of today.

i'd like to remind you that this conference call will contain forward-looking statements which are based on the expectations estimates and projections of management as of today


Before turning to guidance, I'd like to take a few minutes to provide some additional color on the change in the revenue recognition accounting standard we adopted in the first quarter.

before turning to guidance i'd like to take a few minutes to provide some additional color on the change in the revenue recognition accounting standard we adopted in the first quarter


With that in mind, we're about to kick off a 20-city road show to both existing and potential new clients so that our leadership team can meet with senior executives, including myself,

with that in mind we're about to kick off a 20-city roadshow to both existing and potential new clients so that our leadership team can meet with senior executives including myself


which is -- and in the southern portions of Europe and maybe elsewhere that we're going that may be beneficial to us. So I view it as an opportunity,

which is -- and in the southern portions of europe and maybe elsewhere that we're going that may be beneficial to us so i view it as an opportunity


So none of those products are benchmarked products that people can get elsewhere for lower fees. I've maintained from the start that based on

so none of those products are benchmark products that people can get elsewhere for lower fees i've maintained from the start that based on


record of last year. And so this is something that we consider to be quite positive, especially as the overall market was expanding.

record of last year and so this is something that we consider to be quite positive especially as the overall market was expanding


because people are close to getting their bonus payments at most institutions and would stay for that period of time. But we're in deep discussions with several people and we continue to move forward.

because people are close to getting their bonus payments at most institutions and would stay for that period of time but we are in deep discussions with several people and we continue to move forward


We have also thoroughly examined a variety of strategic acquisitions and other opportunities in order to expand our offering and enhance our platform to grow.

we've also thoroughly examined a variety of strategic acquisitions and other opportunities in order to expand our offering and enhance our platform to grow


I will close with a look at weather on Slide 10. We saw cooler than normal conditions during the second quarter, but the weather turned hot in July.

i will close with a look at weather on slide 10 we saw cooler than normal conditions during the second quarter but the weather turned hot in july


and then pick right up back on our growth trajectory as we move into '17. So we still feel really good about the business. It's the right business for us to be in.

and then pick right up back on our growth trajectory as we move into '17 so we still feel really good about the business it's the right business for us to be in


to be successful in that market, we will need to build both the online business and the physical store

to be successful in that market we will need to build both the online business and the physical store


When you get the culture right, like Northwest obviously has, their team members drive customer loyalty and, subsequently, provides exceptional organic growth.

when you get the culture right like northwest obviously has their team members drive customer loyalty and subsequently provides exceptional organic growth


overs and unders. 1,800 tonnes a day is the design we feel pretty comfortable with that. We would have to do some other things to really think about trying to increase that underground.

overs and unders 1 800 tons a day is the design we feel pretty comfortable with that we would have to do some other things to really think about trying to increase that underground


We'll continue to use transition assistance, and I think we continue to explore how to use that in a really targeted, creative way to attract the type of advisers

we'll continue to use transition assistance and i think we're -- we continue to explore how to use that in a really targeted creative way to attract the type of advisors


So it is a new line of business of the group, and we assume -- and we understand it will be very promising. And we expect to grow

so it is a new line of business of the group and we assume -- and we understand it will be very promising and we expect to grow


This obviously has a consequence on the growth, because if you focus yourself on one area and more or less exclude other growth areas, it does show in the growth.

this obviously has a consequence on the growth because if you focus yourself on one area and more or less exclude other growth areas it does slow in the growth


It is a parallel process of improving our overall performance, which will ensure that nothing will weigh us down as we move forward.

it is a parallel process of improving our overall performance which will ensure that nothing will wait us down as we move forward


trying to decide if we have other short-term investments that could add that or potentially even some reduction as we find more efficient ways to do it, because that's what we're trying to

to try and decide if we have other short-term investments that could add that or potentially even some reduction as we find more efficient ways to do because that's what we're trying to


That concludes my prepared remarks, and I'll turn the call back over to Bill. Thank you, Vince. PPL continues to be a very compelling investment opportunity within our sector,

that concludes my prepared remarks and i'll turn the call back over to bill thank you vince ppl continues to be a very compelling investment opportunity within our sector


and will probably continue to dilute that by the acquisitions that we make. But the rebound of oil and gas will

and we'll probably continue to dilute that by the acquisitions that we make but the rebound of oil and gas will


Our portfolio diversity and financial strength provide us strong organic investment growth opportunities, which we believe can generate high returns.

our portfolio diversity and financial strength provide us strong organic investment growth opportunities which we believe can generate high returns


At this point I am happy to report that we have completed the organizational restructuring. We have some merchants still transitioning, but for all intents and purposes, we are complete.

at this point i am happy to report that we have completed the organizational restructuring we have some merchants still transitioning but for all intents and purposes we are complete


So we thought it is better. Our relationship will continue, and it's a very small investment, which we are selling to JMA so that they become 100% owners.

so we thought it is better our relationship will continue and it's a very small investment which we are selling to jma so that they become 100% owners


We charge 2% and 20% for owning Main Street, which is internally managed. Wouldn't it -- it would be reasonable for us to have to tell our new shareholders

we charged 2 and 20 for owning main street which is internally managed wouldn't it -- it would be reasonable for us to have to tell our new shareholders


changes with respect to the way in which we're managing capital as a result of the rescission of our designation, and we would also not expect any impact on the businesses.

changes with respect to the way in which we're managing capital as a result of the rescission of our designation and we would also not expect any impact on the businesses


we believe we are in a unique position, driven by having the largest PXI product portfolio in the industry, a differentiated software position for creating modular systems,

we believe we are in a unique position driven by having the largest pxi product portfolio in the industry a differentiated software position for creating modular systems


that we would love to be at. And just a word about the multifamilies and the payoffs and so forth -- the idea of having this line of business, these business development officers

that we would love to be at and just a word about the multifamilies and the payoffs and so forth the idea of having this line of business these business development officers


Compared with the year ago quarter, average price per acre increased significantly due to a much smaller proportion of sales for Montana where Timberland prices are regionally lower.

compared with the year-ago quarter average price per acre increased significantly due to a much smaller proportion of sales from montana where timberland prices are regionally lower


We expect 2016 to be a more robust year for revenue growth because of the strength of demand combined with enhanced strategies for partnering with clients.

we expect 2016 to be a more robust year for revenue growth because of the strength of demand combined with enhanced strategies for partnering with clients


working in excellent conditions and receiving fair remuneration. In addition, we continue to invest in staff and leadership development, notwithstanding the tough economic environment,

working in excellent conditions and receiving fair remuneration in addition we continue to invest in staff and leadership development notwithstanding the tough economic environment


We anticipate returning to revenue and earnings growth in the second quarter as we benefit from increased microphone sales into Ear and IoT markets

we anticipate returning to revenue and earnings growth in the second quarter as we benefit from increased microphone sales into ear and iot markets


As we have previously noted, many of the departed employees worked in redundant cost centers or offices that generated little to no revenue or even lost money trading.

as we have previously noted many of the departed employees worked in redundant cost centers or offices that generated little to no revenue or even lost money trading


in some ways, it might sound a bit simplistic, but it's a bit of the DuluxGroup playbook that we played out in other businesses, first and foremost, in our Paints business then we applied it to the Selleys business

in some ways it might sound a bit simplistic but it's a bit of the dualux group playbook that we played out in other businesses first and foremost in our paints business then we applied it to the sellys business


Consumer demand has been very strong, and we've consistently and quickly sold out of our allocations. Our market share was very strong in all our markets around the world.

consumer demand has been very strong and we've consistently and quickly sold out of our allocations our market share was very strong in all our markets around the world


And we are increasing our full year targets for restructuring costs in order to further align our costs with challenging market conditions. In short,

and we are increasing our full year targets for restructuring costs in order to further align our costs with challenging market conditions in short


Factors that could cause actual results to differ are included here as well as in our SEC filings. With that, I'll turn the call over to Greg Garland for our opening remarks.

factors that could cause actual results to differ included here as well as in our sec filings with that i'll turn the call over to greg garland for our opening remarks


So good progress, and we remain committed to delivering our medium-term goal of improving organic operating margin to mid- to high teens.

so good progress and we remain committed to delivering our medium-term goal of improving organic operating margin to mid- to high teens


I would note that we are using current spot rates to forecast the translation impact on both revenue and operating profit as well as unhedged transaction exposure.

i would note that we are using current spot rates to forecast the translation impact on both revenue and operating profit as well as unhedged transaction exposure


So firstly, your perception on that. And then secondly, can you talk about how you see your position in the market over the next 2 years considering new capacity coming online how you

so firstly your perception on that and then secondly can you talk about how you see your position in the market over the next 2 years considering new capacity coming online how you


Moving on to Page 3. Over the last several years, we've remained steadfast in our commitment to affordability, while working to stabilize enrollment and prepare our institution for the future,

moving on to page 3 over the last several years we have remained steadfast in our commitment to affordability while working to stabilize enrollment and prepare our institution for the future


accelerate. We've built out a very strong inventory of permits this year in multiple areas that could address any type of pipeline concerns or that. So

accelerate we've built out a very strong inventory of permits this year in multiple areas that could address any type of pipeline concerns or that so


We pull together a number of different assumptions based off of our knowledge of what's happening in the market, what's happening with cost and number of claims that have come in.

we pull together a number of different assumptions based off of our knowledge of what's happening in the market what's happening with cost and number of claims that have come in


Through the past year, we have made a number of significant announcements and changes to continue to provide an experience of a lifetime for our employees, which is how we provide an experience of a lifetime to our guests,

through the past year we have made a number of significant announcements and changes to continue to provide an experience of a lifetime for our employees which is how we provide an experience of a lifetime to our guests


This momentum is the very fuel that drives our reason for being, to make you better by delivering performance solutions you never knew you needed and can't imagine living without.

this momentum is the very fuel that drives our reason for being to make you better by delivering performance solutions you never knew you needed and can't imagine living without


I commit to continuing Xcel's long tradition of delivering on our financial objectives and growing earnings in a low-risk, transparent and predictable manner.

i commit to continuing xl's long tradition of delivering on our financial objectives and growing earnings in a low-risk transparent and predictable manner


Our revenue guidance assumes no tuition price increase. We anticipate that revenue per student will continue to grow year-over-year as a result of the growth of our ground traditional student body.

our revenue guidance assumes no tuition price increase we anticipate that revenue per student will continue to grow year-over-year as a result of the growth of our ground traditional student body


In other words, whenever we have a per-unit economics which is negative and you scale it up that you would have a much larger loss,

in other words whenever we have a per unit economics which is meagre and you scale it up that you would have a much larger loss


So yes, I think you can anticipate that the last half of the year, probably not as strong as the first half because the first half was exceptionally strong but still within the range of what we had indicated to you earlier.

so yes i think you can anticipate that the last half of the year probably not as strong as the first half because the first half was exceptionally strong but still within the range of what we had indicated to you earlier


The increase in the effective rate was mainly due to reversals of tax contingencies in the prior year quarter from the favorable settlement of state income tax examinations.

the increase in the effective rate was mainly due to reversals of tax contingencies in the prior year quarter from the favorable settlement of state income tax examinations


for a few more quarters. If the business remains low for an extended period of time, then we would have to go ahead and

for a few more quarters if the business remains low for an extended period of time then we would have to go ahead and


I'm going to spend a few minutes sharing what we've learned. I'm also going to be transparent about where we see the Pinnacle business landing its legacy fiscal year versus its stand-alone targets.

i'm going to spend a few minutes sharing what we've learned i'm also going to be transparent about where we see the pinnacle business landing its legacy fiscal year versus its stand-alone targets


that providing new anatomical and physiological information to the physician at the point of care will lead to significantly better decisions.


I think the punchline, by the way, if you step back and think about sort of the trades because we've gotten a few questions here on the balance sheet with more interest than we've ever had before. If you step back and think about

i think the punchline by the way if you step back and think about sort of the trades because we've gotten a few questions here on the balance sheet with more interest than we've ever had before if you step back and think about


a lot of focus on the operating capital of the business, and we've made a lot of structural improvements on inventory but also on collection.

a lot of focus on the operating capital of the business and we made a lot of structural improvements on inventory but also on collection


Specific management actions achieved include the acquisition of a portfolio of equity lease mortgages and further benefits from the full implementation of the MG-ALFA system.

specific management action achieved include the acquisition of a portfolio of equity release mortgages and further benefits from the full implementation of the mg alpha system


And therefore, the mix of equity, debt and cash resources and the debt structure of the acquired company would have to be taken into account

and therefore the mix of equity debt and cash resources and the debt structure of the acquired company would have to be taken into account


Based on these learnings, we have fine-tuned our construct approach and have already designed, manufactured and begun testing new candidate vectors in the Pompe mouse model.

based on these learnings we have fine-tuned our construct approach and have already designed manufactured and begun testing new candidate vectors in the pompe mouse model


resources that are expected to fund the company into 2021. We are excited about our multiple upcoming milestones and look forward to sharing additional updates with you as our work progresses.

resources that are expected to fund the company into 2021 we are excited about our multiple upcoming milestones and look forward to sharing additional updates with you as our work progresses


The management team and I are moving fast, at a pace consistent with the significant shifts in our food and beverage market environment.

the management team and i are moving fast at a pace consistent with the significant shifts in our food and beverage market environment


As I mentioned, the strong underlying growth in unpaid GTV has enabled us to keep the average cost under control despite the natural transition to more paid links via mobile devices.

as i mentioned the strong underlying growth in unpaid gtv has enabled us to keep the average cost under control despite the natural transition to more paid links via mobile devices


amplified in the fourth quarter of this year. And everybody is trying to figure out how did they do that well and still satisfy the needs of the consumer. So the game is really inventory productivity.

amplified in the fourth quarter of this year and everybody's trying to figure out how do they do that well and still satisfy the needs of the consumer so the game is really inventory productivity


In Oklahoma, we team with over 20 producer customers, and we are one of the only midstream companies that has commercial agreements in place with the vast majority of major producers.

in oklahoma we team with over 20 producer customers and we are one of the only midstream companies that has commercial agreements in place with the vast majority of major producers


make sure that when we're operating the custody, we also do accounting. When we do accounting, we also do administration, so on and so forth. And so that's maybe a little bit of flavor as to where you have strength.

make sure that when we're offering custody we also do accounting when we do accounting we also do administration and so on and so forth and so that's maybe a little bit of flavor as to where you have strength


there's been a lot of work done, and I keep coming back to Beacon, I keep coming back to what we're doing in terms of consolidating operations that we have not realized the full promise from.

there's been a lot of work done and i keep coming back to beacon i keep coming back to what we're doing in terms of consolidated operations that we have not realized the full promise from


I was hoping you can expand on what some of those other noncore assets could be? Or maybe to approach the question a little differently, what do you currently view as core?

was hoping you can expand on what some of those other non-core assets could be or maybe to approach the question a little differently what do you currently view as core


that is included in our general and administrative expense. This presentation of adjusted EBITDA aligns us with many of our peers that add back

that is included in our general and administrative expense this presentation of adjusted ebitda aligns us with many of our peers that add back


we have been working hard on click and bounce rates or also page views, and constantly analyze visit heat maps to improve website elements and shopping modules in real time.

we have been working hard on click and bounce rates or also page views and constantly analyze visit heat maps to improve website elements and shopping modules in real time


And I emphasize, we are not an Agency REIT. We just find this sector to be the most attractive in the current tight rate global risk environment. And so we've have allocated our capital in this direction.

and i emphasize we're not an agency reit we just find this sector to be the most attractive in the current tight rate global risk environment and so we've allocated our capital in this direction


We are clearly benefiting from a strong automotive and off-highway market situation and are capitalizing on our leading position in engine cooling to win business in electric vehicle space.

we are clearly benefiting from a strong automotive and off-highway market situation and are capitalizing on our leading position in engine cooling to win business in electric vehicle space


You have heard elements of our progress in each of these areas throughout our remarks this morning. And you can be sure we are focused on fully executing on this agenda to our full potential

you have heard elements of our progress in each of these areas throughout our remarks this morning and you can be sure we are focused on fully executing on this agenda to our full potential


Latin America was impacted by regularization driven outflows in anticipation of the upcoming automatic information exchange.

latin america was impacted by regularization-driven outflows in anticipation of the upcoming automatic information exchange


on time and under budget, which is one of the key characteristics of the company because by doing that we achieve a

on time and under budget which is one of the key characteristics of the company because by doing that we achieve a


like to welcome you to Entercom Communications earnings conference call. This call is being recorded. A replay will be available on our company website shortly after the conclusion of today's call

like to welcome you to intercom communications earnings conference call this call is being recorded a replay will be available on our company website shortly after the conclusion of today's call


plus the improvement in the underlying business as well and it's meant to be inclusive. And, Brian, what we can say is, both sides, Orlaco and the base business are both

plus the improvement in the underlying business as well and it's meant to be inclusive and brian what we can say is both sides or lacco and the base business are both


We are committed to this program and fully expect it to help us upgrade our overall sales team and help us minimize future issues dealing with the minimum wage and overtime.

we are committed to this program and fully expected to help us upgrade our overall sales team and help us minimize future issues dealing with minimum wage and overtime


the market is still welcoming our properties for what they are rather than what we were going to make them and we see better and better looks from better and better tenants.


in 2018. With the globalization of content and the worldwide recognition of our brand and products, we are seeing significant demand for our products around the world.

in 2018 with the globalization of content and the worldwide recognition of our brand and products we are seeing significant demand for our products around the world


year's first quarter due to a decline in new maintenance and support revenue related to lower product sales in the current quarter compared to the first quarter of the prior year.


We're in a position where we're still able to execute on all four of those. Unfortunately, our stock price has been at a level where we felt it was an extremely good

we're in a position where we're still able to execute on all four of those unfortunately our stock price has been at a level where we felt it was an extremely good


for us in that. Once we get back to flight status and put a couple of good launches behind us, then I think we'll start to see some

for us in that once we get back to flight status and put a couple of good launches behind us then i think we'll start to see some


We believe that the recording of PPA may give a fair assessment for the revaluation of assets post acquisition from a balance sheet perspective.

we believe that the recording of ppa may give a fair assessment for the revaluation of assets post-acquisition from a balance sheet perspective


as well as Hydro One in Ontario, has put our subsidiaries in the forefront of business opportunities that may arise in these key markets.

as well as hydro one in ontario as put our subsidiaries in the forefront of business opportunities that may arise in these key markets


The remaining changes in working capitals were due to fluctuations in commodity prices and the timing of settlement of physical commodity contracts.

the remaining changes in working capitals were due to fluctuations in commodity prices and the timing of settlement of physical commodity contracts


So turning to Slide 3. Canadians have primarily relied on their banks and credit unions to help them manage their financial lives. Yet, while the banks enjoy record profits, many Canadians struggle financially.

so turning to slide 3 canadians have primarily relied on their banks and credit unions to help them manage their financial lives yet while the banks enjoy record profits many canadians struggle financially


off of services margins in Q4, and that's been a clear goal of ours since we figured out what we're doing here. As we look into next year,

off of services margins in q4 and that's been a clear goal of ours since we figured out what we're doing here as we look into next year


In another continuation of our comments from last quarter's earnings call, we are seeing a healthy focus from both existing portfolio companies and financial sponsors

in another continuation of our comments from last quarter's earnings call we are seeing a healthy focus from both existing portfolio companies and financial sponsors


if we get the right opportunity, that we'd consider selling those to help fund an acquisition into an area that we consider to be more core to us today. So we have a lot of different

if we get the right opportunity then we would consider selling those to help fund an acquisition into an area that we consider to be more core to us today so we have a lot of different


there's risk levels of everything we need to do to get to that kind of a 20% run rate. Some of the things like avocados have already come down, so that's going to happen. You're already going to see

there's risk levels of everything we need to do to get to that kind of a 20% run rate some of the things like avocados have already come down so that's going to happen you're already going to see


To simplify, I'd suggest there are a few interrelated market themes which have impacted valuations, all of which have become more visible to the market recently

to simplify i'd suggest there are a few interrelated market themes which have impacted valuations all of which have become more visible to the market recently


I think we are set up to do a lot of different things, which has been our goal. We spent a lot of money to do this and haven't charged the shareholders to do it.

i think we are set up to do a lot of different things which has been our goal we spent a lot of money to do this and haven't charged the shareholders to do it


We spent the time trying to understand how to do it, what would move it, and we just came to the conclusion that despite the revenue growth, we couldn't make that profitable revenue growth.

we spent the time trying to understand how to do it what would move it we just came to the conclusion that despite the revenue growth we couldn't make that profitable revenue growth


consumers on the value of products that are available at a dealership. And by doing that, you actually say there is a sound logical compelling reason

consumers on the value of products that are available at a dealership and by doing that you actually say there is a sound logical compelling reason


the impact on consumer confidence of tightening lending conditions and the negative wealth effect of falling property prices, particularly in Sydney and Melbourne.

the impact on consumer confidence of tightening lending conditions and the negative wealth effect of falling property prices particularly in sydney and melbourne


I will immediately update you if any further progress is made on our initiatives. This concludes my presentation on our financial results.

i will immediately update you if any further progress is made on our initiatives this concludes my presentation on our financial results


The company assumes no obligation to update any forward-looking statements made during this call. Now I will turn the call over to Paul for his remarks.

the company assumes no obligation to update any forward-looking statements made during this call now i will turn the call over to paul for his remarks


and having a positive impact on our customers. Now I'd be remiss to promise an overnight reversal of trend because quite candidly, there is no such thing to do the job right and make it stick.

and having a positive impact on our customers now i'd be remiss to promise an overnight reversal of trend because quite candidly there is no such thing to do the job right and make it stick


Thanks, Katherine. My comments today will be focused on our second quarter financial results and the related performance drivers. The detailed financial data and results have been included in today's press release.

thanks catherine my comments today will be focused on our second quarter financial results and the related performance drivers the detailed financial data and results have been included in today's press release


And while we've been public for less than 4 years, we've witnessed the evolution of this model for public shareholders since the first firms in our industry began going public over 10 years ago.

while we've been public for less than 4 years we've witnessed the evolution of this model for public shareholders since the first firms in our industry began going public over 10 years ago


However, based on recent news, we're hopeful that this difficult situation will be resolved without further bloodshed and in a diplomatic way.

however based on recent news we're hopeful that this difficult situation will be resolved without further bloodshed and in a diplomatic way


a portion of the trial and now 50%, 50% data confirming what we saw in the first quarter. That information is intriguing to payers and to prescribers as well

a portion of the trial and now 50% data confirming what we saw in the first quarter that information is intriguing to payers and to prescribers as well


These units are a meaningful investments in the heart of our operation and should drive the many benefits we have previously discussed, including a reduction in our short-term rental needs over time.

these units are a meaningful investment in the heart of our operation and should drive the many benefits we have previously discussed including a reduction in our short-term rental needs over time


we have the fundamentals right. We can do this kind of management. What's more is that we need to pay more attention to the human factor.

we have the fundamentals right we can do this kind of management what's more is that we need to pay more attention to the human factor


It's just not happening. It is my estimate that raw material prices will only go up. If you see

it's just not happening it is my estimate that raw material prices will only go up if you see


high selectivity, resulting in lower side effects and ability to be taken with food and drink that uniquely addresses unmet needs among the patients being treated with competitive products.

high selectivity resulting in lower side effects and ability to be taken with food and drink that uniquely addresses unmet needs among the patients being treated with competitive products


as a fully integrated solution. Salesforce Lightning opens up a whole new set of integration possibilities, and Five9 is at the forefront of innovation on this new platform.

as a fully integrated solution salesforce lightning opens up a whole new set of integration possibilities and five9 is at the forefront of innovation on this new platform


I've discussed already many of the underlying metrics and other expectations in our 2018 outlook. However, here are a few other items that may assist you in your modeling.

i discussed already many of the underlying metrics and other expectations in our 2018 outlook however here are a few other items that may assist you in your modeling


So together, just to summarize, I'll turn it over to Daphne, just in a moment. I think that all of these efforts and initiatives, highlight our broad commercial organization and our capabilities

so together just to summarize and i'll turn it over to daphne just in a moment i think that all of these efforts and initiatives highlight our broad commercial organization and our capabilities


our global clinical development and regulatory affairs teams, and our science and research teams, and of course throughout our patient advocacy focus.

our global clinical development and regulatory affairs teams and our science and research teams and of course throughout our patient advocacy focus


at a certain level and they don't change next year, then we have no charges. So it's fully dependent upon where we finish

at a certain level and they don't change next year then we have no charges so it's fully dependent upon where we finish


what is the right price to pay and how does that impact their shareholders. And so I would say different people have different answers

what is the right price to pay and how does that impact their shareholders and so i would say different people have different answers


due most notably to the pension settlement charge I mentioned earlier, which really has no impact on cash flow as you move through the balance of the cash flow statement.

due most notably to the pension settlement charge i mentioned earlier which really has no impact on cash flow as you move through the balance of the cash flow statement


and you'll see the key drivers in the sales bridge in just a moment. But in summary, higher selling prices and the impact of acquisitions more than offset a slight decline in volume.

and you'll see the key drivers in the sales bridge in just a moment but in summary higher selling prices and the impact of acquisitions more than offset a slight decline in volume


with regard to the acquisition of new complex. The entire Hungarian construction industry is currently in an unusually active phase.

with regard to the acquisition of new contracts the entire hungarian construction industry is currently in an unusually active phase


One example of how we're doing this is integrated materials solutions, where we can combine multiple processes together, typically within a single system.

one example of how we're doing this is integrated material solutions where we can combine multiple processes together typically within a single system


mean, you're absolutely right, we so far have had no benefit from the contract. If I could write a contract that would allow me to define the attachment points at the end of the year, I would absolutely choose that one.

i mean you're absolutely right we so far have had no benefit from the contract if i could write a contract that would allow me to define the attachment points at the end of the year i would absolutely choose that one


Upon completion of the projects in the pipeline and the closing of the Zenium transaction, the size of our portfolio will be more than 4 million colocation square feet.

upon completion of the projects in the pipeline and the closing of the xenium transaction the size of our portfolio will be more than 4 million colocation square feet


The Brazilian government recently changed regulations on opening and operating distance learning in the country. The approval process for launching online facilities was streamlined,

the brazilian government recently changed regulations on opening and operating distance learning in the country the approval process for launching online facilities was streamlined


This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans.

this call will include forward-looking statements that involve risk factors that could cause st's results to differ materially from management's expectations and plans


there are significantly more major civil works projects hitting the bid pipeline, than we have the physical ability to man.

there are significantly more major civil works projects hitting the bid pipeline than we have the physical ability to man


So that's the strategy. We're really excited to have them. And specifically to what the market is looking for today, I would just say to you that people are looking for sort of every dollar they can get.

so that's the strategy we're really excited to have them and specifically to what the market is looking for today i would just say to you that people are looking for sort of every dollar they can get


things like court judgments. But the goal has been achieved and we count on upholding that level.

things like court judgments but the goal has been achieved and we count on upholding that level


integration between the teams on the field is performing very well. All this will contribute to the success of this acquisition.

integration between the teams on the field is performing very well all this will contribute to the success of this acquisition


Particularly when we're talking about a robotic system, we want to roll this out in a safe and effective manner. We want to make sure that we have the right training that goes along with it, and we want to learn as we go.

particularly when we're talking about a robotic system we want to roll this out in a safe and effective manner we want to make sure that we have the right training that goes along with it and we want to learn as we go


First of all, nothing that's happening right now would change our opinion or aggressiveness or stance on diversification.

sure first of all nothing that's happening right now would change our opinion or aggressiveness or stance on diversification


almost entirely outside capital, a very small amount of our capital dedicated to it because to produce the size and scale of the projects we want to get involved in, we don't think that's

almost entirely outside capital very small amount of our capital dedicated to it because to produce the size and scale of the projects we want to get involved in we don't think that's


As I've said on the third quarter call, we've undertaken a review of the company timed around the annual planning process with the goal of prioritizing opportunities to strengthen the firm.

as i said on the third quarter call we've undertaken a review of the company timed around the annual planning process with the goal of prioritizing opportunities to strengthen the firm


We now have a healthy and growing pipeline of OPTIX and Lavante opportunities as clients seek better tools and services to provide insights

we now have a healthy and growing pipeline of optics and lavante opportunities as clients seek better tools and services to provide insights


those markets. And we know those markets. We can read the numbers like everybody else. We probably know the markets better than anybody else because of the time we spend with our customers.

those markets and we know those markets we can read the numbers like everybody else we probably know the market better than anybody else because of the time we spend with our customers


In materials and polymer science, we experienced strong demand from the consumer electronics industry as they broadened their product offerings and need assistance with the use of new materials.

in materials and polymer science we experienced strong demand from the consumer electronics industry as they broaden their product offerings and need assistance with the use of new materials


on. Are there any trends that you're seeing that you would be able to share or perhaps attach rates in regard to these new offerings?

are there any trends that you're seeing that you would be able to share or perhaps attach rates in regard to these new offerings


Therefore, activity and inventory will build, particularly in the first quarter, and there will be fewer wells brought online in the first half of the year compared to the second half.

therefore activity and inventory will build particularly in the first quarter and there will be fewer wells brought online in the first half of the year compared to the second half


the resulting liquidity crunch put huge pressure on consumers and on wholesalers in the fourth quarter. The effects of this will continue to be felt for a while yet.

the resulting liquidity crunch put huge pressure on consumers and on wholesalers in the fourth quarter the effects of this will continue to be felt for a while yet


Before handing the call over to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year.

before handing the call over to antonio let me remind you that this call is being webcast a replay of the webcast will be made available shortly after the call for approximately 1 year


that a government entity will have entered into an agreement with a private company to finance and construct a correctional facility that is to be leased and operated by the government.


to work with our distributors in emerging markets like Colombia, where we have grown our distributor network to ensure we have the scale to deliver on our mainstream spirits agenda.

to work with our distributors in emerging markets like colombia where we have grown our distributor network to ensure we have the scale to deliver on our mainstream spirits agenda


wires from the roof, et cetera. And then the second one is how it is right now, how -- the trials that we have done. We have done already 2 trials. We have

wires from the roof et cetera and then the second one is how it's -- how it is right now the trials that we have done we have done already 2 trials we have


And then just a couple of other kind of nuance things, nothing really to read into that. But in the fourth quarter, we do expect to close another branch,

and then just a couple of other kind of nuanced things nothing really to read into that but in the fourth quarter we do expect to close another branch


that we're in the process of working on the final steps of closing. But I would say that these families continue to be willing to engage in discussions,

that we're in the process of working on the final steps of closing but i would say that these families continue to be willing to engage in discussions


We'll wrap up the discussion of the quarter with earnings per share. On the left side of the page, you can see the reconciliation from reported to adjusted.

we'll wrap up the discussion of the quarter with earnings per share on the left side of the page you can see the reconciliation from reported to adjusted


And so you can see there'll be a ramp on free cash flow over the balance of the year. We also have Q2 and Q4, are periods where we will see

and so you can see there'll be a ramp on free cash flow over the balance of the year we also have q2 and q4 are periods where we will see


Separately, we are enhancing communications to owners about options that we may have available to them, should they wish to exit their timeshare ownership.

separately we are enhancing communications to owners about options that we may have available to them should they wish to exit their timeshare ownership


The other question you may have is on , what are we going to do with the 5 million shares. We're not in the business of owning our own shares. This is not what we aim to do long-term.

the other question you may have is on overhang what are we going to do with the 5 million shares look we're not in the business of owning around shares this is not what we aim to do long term


plan is basically to continue to introduce unique tests that will generate additional revenue and opportunity for us.


have heard that from many of our competitors. We -- in response to that, we are progressing our revenue management activities to continue to find

have heard that from many of our competitors we -- in response to that we are progressing our revenue management activities to continue to find


Second, we remain on track with our Sunrise program. With a strong foundation laid in the first year, we are pleased to see benefits reflected this quarter that aligned with our expectations.

second we remain on track with our sunrise program with a strong foundation laid in the first year we are pleased to see benefits reflected this quarter that align with our expectations


at the beginning of this year. We expect to drop that down in the second part of 2016. And an acquisition that we'll be making in Alaska with some additional

at the beginning of this year we expect to drop that down in the second part of 2016 and an acquisition that we'll be making in alaska with some additional


Our focus for this call is our first quarter performance and our outlook for the remainder of the year. Thank you in advance for cooperating in this regard.

our focus for this call is our first quarter performance and our outlook for the remainder of the year thank you in advance for cooperating in this regard


Our business model also continues to improve, and we look forward to the next chapter of the company's evolution and to reporting on our progress on the next quarter. So thank you all for joining us today.

our business model also continues to improve and we look forward to the next chapter of the company's evolution and to reporting our progress in the next quarter so thank you all for joining us today


I'd like to provide a little bit more detail on these 2 cohorts to provide further context in support of our confidence to progress the programs in both ulcerative colitis and Crohn's disease.

i'd like to provide a little bit more detail on these 2 cohorts to provide further context in support of our confidence to progress the programs in both ulcerative colitis and crohn's disease


However, the development of novel therapeutic approaches has been hampered by the many different genetic and clinical subgroups of the disease and the relatively short durations of response.

however the development of novel therapeutic approaches has been hampered by the many different genetic and clinical subgroups of the disease and the relatively short durations of response


providing us significant comfort regarding our current expectations for origination in 2019. This expected continued growth in our lower middle market portfolio,

providing us significant comfort regarding our current expectations for origination in 2019 this expected continued growth in our low-income market portfolio


I certainly don't get wound up about whether shipping is free or not. It really comes down to what's the end price of the product for your customer and are we delivering great value or not and

i certainly don't get wound up about whether shipping's free or not it really comes down to what's the end price of the product for our customer and are we delivering great value or not and


given this tough period and the various purchase accounting adjustments required by GAAP. In light of that complexity, we are providing an extensive earnings presentation

given the stub period and the various purchase accounting adjustments required by gaap in light of that complexity we are providing an extensive earnings presentation


These gateways are a fast and easy way to power and connect 5G, security, or any number of other internet of things or IoT devices.

these gateways are a fast and easy way to power and connect 5g security or any number of other internet of things or iot devices


As a quick update to our hedging program, we have continued to use our hedging strategy as a way to consistently offset movements in interest rates and local currencies for our European portfolio.

as a quick update to our hedging program we have continued to use our hedging strategy as a way to consistently offset movements in interest rates and local currencies for our european portfolio


As I previously indicated, long-term care will not impact our ability to deploy capital for business investments and return to shareholders.

as i previously indicated long-term care will not impact our ability to deploy capital for business investments and return to shareholders


One of the characteristics that distinguishes them from many other hematology drugs on the market. Preclinical findings for both have been compelling, and we now have reached important junctures in their development.

one of the characteristics that distinguishes them from many other hematology drugs on the market preclinical findings for both have been compelling and we now have reached important junctures in their development


Our primary objective when we went public in 2013 was to access the capital markets to fuel our growth by replicating our business model across the country.

our primary objective when we went public in 2013 was to access the capital markets to fuel our growth by replicating our business model across the country


To support this, we will be increasing our marketing to bring awareness of the new degree programs and the overall value proposition of a degree from our institutions.

to support this we will be increasing our marketing to bring awareness of the new degree programs and the overall value proposition of a degree from our institutions


announced that it's going to be applying to the NRC to extend the life of its license on a reactor here in Virginia from 40 years to 60 years.

announce that it's going to be applying to the nrc to extend the life of its license on a reactor here in virginia from 40 years to 60 years


This plan includes the purchase of the Thunder Spirit Wind farm expansion project, along with development and design of a large combined cycle natural gas-fired facility.

this plan includes the purchase of the thunderspire wind farm expansion project along with development and design of a large combined cycle natural gas-fired facility


for the patients who should be on them, and the pharma companies that want to work with us on that basis are coming to the table and making great choices and we hope that continues.

for the patients who should be on them and the pharma companies that want to work with us on that basis are coming to the table and making great choices and we hope that continues


obviously you expect more losses than you do on your typical vanilla deal. But here we believe as we look at the yield profiles on these investments

i mean obviously you expect more losses than you do on your typical vanilla deal but here you -- we believe as we look at the yield profiles on these investments


The company issued a press release yesterday after market closed, containing financial results for the third quarter of 2016. This release is available on the company's website.

the company issued a press release yesterday after market close containing financial results for the third quarter of 2016 this release is available on the company's website


If you go back over the last several years, I think we've ranged primarily between the low 40s, and I think it's high as may be 50%. Okay.

if you go back over the last several years i think we've ranged primarily between the low 40s and i think as high as maybe 50% okay


At the brand level, we just launched will makes you family, which speaks to the hard work, hustle and grind of everyday training, the relentless effort and commitment to improving one's performance.

at the brand level we just launched will makes you family which speaks to the hard work hustle and grind of everyday training the relentless effort and commitment to improving one's performance


But it's not necessarily going against -- or going for each other's market share. It's what naturally should be served well by your railroad. And if you do that well, you're going to earn the opportunity to move.

but it's not necessarily going against or going for each other's market share it's what naturally should be served well by your railroad and if you do that well you're going to earn the opportunity to move


perhaps I was being too bullish about the fourth quarter, at least with regard to FX. I thought it would be probably more neutral, and it sounds like there will still be some

perhaps i was being too bullish about the fourth quarter at least with regard to fx i thought it would be probably more neutral and it sounds like there will still be some


We have several tax planning initiatives underway to reduce the rate, but the timing and implementation of the initiatives must be sequenced appropriately in order to maximize the full benefit.

we have several tax planning initiatives underway to reduce the rate but the timing and implementation of the initiatives must be sequenced appropriately in order to maximize the full benefit


in a challenging environment, recognizing only negligible bad debt expense for the year and maintaining collection rates in line with our long-term averages.

in a challenging environment recognizing only negligible bad debt expense for the year and maintaining collection rates in line with our long-term averages


Within the retail space, specific to the commercial and industrial segment, the combination of Noble and Champion places Calpine among the top 3 national providers by volume.

within the retail space specific to the commercial and industrial segment the combination of noble and champion places calpine among the top 3 national providers by volume


is really what we're trying to accomplish. So as we look at the restructuring, we're trying to make sure that we position our company that we can actually achieve cross-industry solutions

is really what we're trying to accomplish so as we look at the restructuring we're trying to make sure that we position our company that we can actually achieve cross-industry solutions


faster and more agile and take advantage of the marketplace opportunities. Because we actually look at the world and think about this whole connected world that's happening and this whole Age of Intelligence. And

faster and more agile and take advantage of the marketplace opportunities because we actually look at the world and think about this whole connected world that's happening and this whole age of intelligence and


Oil Search can offer a value package to buyers that is a differentiator. We are offering point to point sales rather than from a portfolio with a wide range of LNG spec.

oil search can offer a value package to buyers that is a differentiator we are offering point-to-point sales rather than from a portfolio with a wide range of lng spec


open the calls up for your questions. Novadaq is a fully functional medical technology company now with an effective sales team

open the calls up for your questions nobrac is a fully functional medical technology company now with an effective sales team


as well as those detailed in our annual report on Form 10-K for the year ended December 31, 2015, and from time to time in our other filings with the Securities and Exchange Commission.

as well as those detailed in our annual report on form 10-k for the year ended december 31 2015 and from time to time in our other filings with the securities and exchange commission


Ladies and gentlemen, that does conclude today's conference. Thank you all for joining.

ladies and gentlemen that does conclude today's conference thank you all for joining


The capital is really to the Delaware is the project that I just laid out in the incremental expansions that we have planned. When you look at the Midland Basin,

the capital is really -- to the delaware is the projects that i just laid out and the incremental expansions that we have planned when you look at the midland basin


our full year forecast. We are promoting measures for growth for next year and beyond as well. The second point regards our business strategy.

our full year forecast we are promoting measures for growth for next year and beyond as well the second point regards our business strategy


On Page 6, we show our GAAP results in the top 2 panels as well as our results, ex the notable items I just described, for those of you who want to see some of our underlying trends.

on page 6 we show our gaap results in the top 2 panels as well as our results ex the notable items i just described for those of you who want to see some of our underlying trends


Should commodity prices improve late this year or in 2020, we foresee this as temporary and would remain disciplined to our program.

should commodity prices improve late this year or in 2020 we foresee this as temporary and would remain disciplined to our program


Loan growth fell short of our expectations as a result of lower loan originations, net higher payoff activity. However, we anticipate our loan growth trends will gradually improve in the second half of the year.

loan growth fell short of our expectations as a result of lower loan originations and higher payoff activity however we anticipate our loan growth trends will gradually improve in the second half of the year


and a lot of that has been sold off. And so as a result of that, we do believe that we're going to -- volumes and demand will pick up as the year goes on.

and a lot of that has been sold off and so as a result of that we do believe that we're going to -- volumes in demand will pick up as the year goes on


Across it all, our bureau covers local angles requested by the news directors at our local stations rather than simply duplicating packages

across it all our bureau covers local angles requested by the news directors at our local stations rather than simply duplicating packages


Before I turn the call over to Aric, I wanted to give you a recap of our TESSCO ONE event, which was held in early April. TESSCO ONE is our annual conference

before i turn the call over to eric i wanted to give you a recap of our tessco 1 event which was held in early april tessco 1 is our annual conference


The new tessco.com has moved many of our key functions to the cloud, laying the foundation for more advanced functionality, which we plan to introduce later this summer.

the new tessco com has moved many of our key functions to the cloud laying the foundation for more advanced functionality which we plan to introduce later this summer


Effective competitions like the 6-month contest with the Atlantis trip also helped drive momentum in the second half of the year. The result was distribution growth across the board.

effective competitions like the 6-month contest for the atlantis trip also helped drive momentum in the second half of the year the result was distribution growth across the board


is most of our improvements, and features, and functions and benefits, that sort of thing, are done to our system, our platform.

is most of our improvements and features and functions and benefits that sort of thing are done to our system our platform


That's a great feature. It's a very expensive feature with our competitor platforms out there, if they have it at all. Many of our competitor platforms don't even offer that capability.

that's a great feature it's a very expensive feature with our competitor platforms out there if they have it at all many of our competitor platforms don't even offer that capability


a big piece of it. And then the second piece of it is as we locked in our streaming contract for the next 2 years, we were able to take advantage of our anticipated

that's a big piece of it and then the second piece of it is as we locked in our streaming contracts for the next 2 years we were able to take advantage of our anticipated


I'll close out by making a few comments on the outlook for this year. 2018 began with very strong oil prices, which supported expansion and larger programs

i'll close out by making a few comments on the outlook for this year 2018 began with very strong oil prices which supported expansion in larger programs


we do monitor that. I don't think there's anything of note that has been added to our watch list as we look at where it is today.

so we do monitor that i don't think there's anything of note that has been added to our watch list as we look at where it is today


we feel like that kind of a focus is paying off, and we're seeing some results there. We're still not exactly where we would like to be, but I think we have seen parts of the operation

we feel like that kind of a focus is paying off and we're seeing some results there we're still not exactly where we would like to be but i think we have seen parts of the operation


Finally, I want to highlight one item as we look ahead into 2018. In used vehicles, there are several components that play into overall results in this area.

finally i want to highlight one item as we look ahead into 2018 in used vehicles there are several components that play into overall results in this area


but we have not had a detailed discussion. I think what we will end up doing is going in to see them with a detailed presentation of what our financial plan looks like

but we have not had a detailed discussion i think what we will end up doing is going into -- or to see them with a detailed presentation of what our financial plan looks like


We are now transitioning to supply relationship with the JV based on our take-or-pay agreement for the supply by Ballard of any age to the joint venture.

we are now transitioning to a supplier relationship with the jv based on our take-or-pay agreement to supply by ballard of meas to the joint venture


The Americas overall growth was held down by the previously mentioned delay in a few network services engagements and the softness in the public sector multiyear contract market.

the americas overall growth was held down by the previously mentioned delay in a few network services engagements and the softness in the public sector multiyear contract market


Allow me to speak the closing words. I want to thank all of you for joining this call. And we are very much looking forward to meeting many of you during the upcoming road shows and

it's now on me to speak the the closing words i want to thank all of you for joining this call uh we are very much looking forward meeting many of you during the upcoming road shows and


Thanks, Rob, and good afternoon, everyone. Our fourth quarter capped a strong year as we continue to attract new customer and as many of our existing customers grow their investments with us.

thanks rob and good afternoon everyone our fourth quarter capped a strong year as we continue to attract new customer and as many of our existing customers grow their investments with us


And then to the extent that customer, over time, is looking to migrate more workloads onto the platform and they've gotten spun up in our way of working,

and then to the extent that customer over time is looking to migrate more workloads onto the platform and they've gotten spun up in our way of working


Most of our loss of revenue came from reference pricing due to lower prices from the biosimilars. However, we're certainly starting to see

most of our loss of revenue came from reference pricing due to lower prices from the biosimilars however we're certainly starting to see


And then, just getting back to Fluid Handling for a second, if you look at the level of activity you're currently seeing in your end markets

and then just getting back to fluid handling for a second if you look at the level of activity you're currently seeing in your end markets


with the category and the consumer? And then the second question is when you really get out of the here and now and think about the future, disruption obviously has been coming at an accelerated pace.

with the category and the consumer and then the second question is when you really get out of the here and now and think about the future disruption obviously has been coming at an accelerated pace


to talk about potential seasonal patterns for next year, whether it will be like this year or like past years. But off of the back of the programs that we have

to talk about potential seasonal patterns for next year whether it will be like this year or like past years but off of the back of the programs that we have


And so at this stage right now, we feel pretty confident about where we are. The other thing you have to keep in mind is that we have, by and large, always very strategic

and so at this stage right now we feel pretty comfortable about where we are the other thing you have to keep in mind is that we have by and large always very strategic


First of all, we have launched a second collection within workwear. The first one was very successful and delivered to our expectations.

first of all we have launched a second collection within workwear the first one was very successful and delivered to our expectations


even in some of your existing regions, but maybe can you talk about how you're prioritizing some of the major new market opportunities over the next 12 to 24 months?

even in some of your existing regions but maybe can you talk about how you're prioritizing some of the major new market opportunities over the next 12 to 24 months


But remember that in the first instance, the screening will likely manifest itself most in what already is a new program. So

but remember that in the first instance the screening will likely manifest itself most in what already is a new program so


Before I open the call up for questions, I would like to take this opportunity to thank all Deluxe employees for their hard work,

before i open the call up for questions i would like to take this opportunity to thank all deluxe employees for their hard work


local oncologist as a result of using us as their reference lab. So I would say those are 3 important value proposition drivers

local oncologists as a result of using us as their reference lab so i would say those are 3 important value proposition drivers


what we classically call our product data management applications and these construction life cycle applications. Now your last point on the construction collection, I wouldn't look for anything like that soon.

what we classically call our product data management applications and these construction life cycle applications now your last point on the construction collection i wouldn't look for anything like that soon


As disclosed in our 10-Q for the first quarter, this matter arose as a result of enrollment discrepancies between our health plan in the Commonwealth in the early stages of our contract.

as disclosed in our 10-q for the first quarter this matter arose as a result of enrollment discrepancies between our health plan and the commonwealth in the early stages of our contract


and closing our offices in the areas where we expect to have low level of activity in the near future, and we have restructured our contingent consideration obligations.

closing our offices in the areas where we expect to have a low level of activity in the near future and we have restructured our contingent consideration obligations


we originally expecting to have these acquisitions close in the beginning of December time frame and now it looks like they're going to start closing in March. So

we were originally expecting to have these acquisitions close in the beginning of december time frame and now it looks like they're going to start closing in march so


Executing our strategy will require us to invest prudently in our targeted growth areas to further diversify and strengthen our housing and lifestyle businesses.

executing our strategy will require us to invest prudently in our targeted growth areas to further diversify and strengthen our housing and lifestyle businesses


actually, were down there a couple of weeks ago with couple of our board members to and we had chance to see some of it first hand, but there's clearly a lot of it down there. And that's why we put a lot of effort in there in the last 6 to 9 months.

actually were down there a couple of weeks ago with a couple of our board members too and we had a chance to see some of it firsthand but there's clearly a lot of it down there and that's where we put a lot of effort into that in the last 6 to 9 months


and boost foreign direct investment in our country. We are supporters of Mr. Duque, and believe he will help our country grow at a faster pace than in the last few years.

and boost foreign direct investment in our country we are supporters of mr duque and believe he will help our country grow at a faster pace than in the last few years


There remains significant long-term potential unit expansion for the brand given our national infrastructure, differentiated concept

there remains significant long-term potential unit expansion for the brand given our national infrastructure differentiated concept


would have been almost flat. The growth in container throughput was mainly driven by an ongoing positive development of Far East volumes.

and would have been almost flat the growth in container throughput was mainly driven by an ongoing positive development of far east volumes


to provide more commentary on international. But I think this was kind of a slow out of the gates for Europe in the first quarter. But we don't expect to see that continue for the balance of the year.

to provide more commentary on international but i think this was kind of a slow out of the gates for europe in the first quarter but we don't expect to see that continue for the balance of the year


How we market that, I'm going to defer that until we get further down the road. It's premature for me to speak to that.

how we market that i'm going to defer that until we get further down the road it's premature for me to speak to that


to add that piece to our puzzle. Now Dewey, that could be us hiring an individual and starting up something from scratch

to add that piece to our puzzle now really that could be us hiring an individual and starting up something from scratch


what is your sense of what the willingness of parents will be to enroll Type 2 patients into your study given that there is now an improved product on the market to treat them?

what is your sense of what the willingness of parents will be to enroll type 2 patients into your study given that there is now an approved product on the market to treat them


These statements by their nature are subject to risks and uncertainties that may cause actual events or results to differ materially,

these statements by their nature are subject to risks and uncertainties that may cause actual events or results to differ materially


So -- but we do that because it helps our cash flow. It helps us to purchase the inventory that's required for

so -- but we do that because it helps our cash flow it helps us to purchase the inventory that's required for


Finally, we are progressing with our integration of EXTEX, including a facility move, and remain focused on the synergy opportunities with our existing Engineered Products business.

finally we are progressing with our integration of extechx including a facility move and remain focused on the synergy opportunities with our existing engineered products business


beer and wine specifically and in some cases, alcohol. We believe that the grocery channel should be a robust and important part of

beer and wine specifically and in some cases alcohol we believe that the grocery channel should be a robust and important part of


it's in line with what I would have thought the closure of 6 facilities and the integration of these businesses would result in

and it's in line with what i would have thought the closure of 6 facilities and the integration of these businesses would result in


Before we go further, let me remind you that today's call and presentation contains a number of forward-looking statements based on current expectations, estimates and projections.

before we go further let me remind you that today's call and presentation contains a number of forward-looking statements based on current expectations estimates and projections


an ongoing strong growth as we have seen it this year. That would not be a serious statement especially due to the fact that, as I've underpinned before,

an ongoing strong growth as we have seen it this year that would not be a serious statement especially due to the fact that as i've underlined before


In contrast to our commitment to stay focused on real assets and alternative income strategies as the most effective way to consistently delivering -- deliver alpha,

in contrast to our commitment to stay focused on real assets and alternative income strategies as the most effective way to consistently delivering -- deliver alpha


offset by the impact from the removal of Camel styles associated with the FDA's not substantially equivalent decision in the fourth quarter of last year.

offset by the impact from the removal of camel styles associated with the fda's not substantially equivalent decision in the fourth quarter of last year


Although we are certainly pleased that our daily sales trends are improving, they still remain somewhat choppy and indicates to us that a broad market recovery will likely be slow and inconsistent.

although we are certainly pleased that our daily sales trends are improving they still remain somewhat choppy and indicate to us that a broad market recovery will likely be slow and inconsistent


So for the first quarter of next year, we will have to report on that basis. And when that happens, the accumulated SAC will be

so for the first quarter of next year we will have to report on that basis and when that happens the accumulated zac will be


The softness in this revenue line was largely in line with our expectations, and we expect software license and hardware revenue will remain under pressure for the remainder of the fiscal year.

the softness in this revenue line was largely in line with our expectations and we expect software license and hardware revenue will remain under pressure for the remainder of the fiscal year


So tenders are in and being evaluated. We have submitted the evaluation report and the environmental impact assessment.

so tenders are in and being evaluated we have submitted the evaluation report and the environmental impact assessment


incremental margins are probably not as useful these days just because of all the sand everybody is pumping. But if we think about what that implies here, it looks like sort of a 60% type incremental

incremental margins are probably not as useful these days just because of all the sand everybody's pumping but if we think about what that implies here it looks like sort of a 60% type incremental


profit level. If we look at the overall profitability of the portfolio, I will have the same comment. This quarter, especially the first 3 months of the year,

profit level if we look at the overall profitability of the portfolio i would have the same comment this quarter especially the first 3 months of the year


to invest in growth engines that will help drive our results over the long term. Conjur strengthens our leadership position by extending our enterprise class solution deeper

to invest in growth engines that will help drive our results over the long term conjure strengthens our leadership position by extending our enterprise class solution deeper


continue to target -- the general guidance I would give you is we would continue to target a 100% conversion or better except for the higher amount of growth capital that we invest.

continue to target the general guidance i would give you is we would continue to target 100% conversion or better except for the higher amount of growth capital that we invest


The focus that we have is on continuing to build the quality of the businesses that we have and build adjacencies where we have,

the focus that we have is on continuing to build the quality of the businesses that we have and build adjacencies where we have


with these folks that are distracted at a much higher level. So my point is, I feel better about doing this in a homogeneous niche

with these folks that are distracted at a much higher level so my point is i feel better about doing this in a homogeneous niche


We are also optimistic about the opportunity to continue the improvement during the second half of the year, as we realize more of the cost savings associated with the 2 mergers.

we are also optimistic about the opportunity to continue the improvement during the second half of the year as we realize more of the cost savings associated with the 2 mergers


our consumer business, highlighted by the record low churn rate and traction we are now starting to see with our organic growth initiatives that are leveraging our core assets.

our consumer business highlighted by the record low churn rate and traction we are now starting to see with our organic growth initiatives that are leveraging our core assets


I believe we still are doing the best job in the industry to hold cost down. But our industry just keeps getting hit with higher and higher cost to do business. So eventually something is going to have to give there.

i believe we still are doing the best job in the industry to hold costs down but our industry just keeps getting hit with higher and higher costs to do business so eventually something is going to have to give there


This alignment provides stronger coordination between risk, legal and audit, all with a focus of improving our fiduciary compliance.

this alignment provides stronger coordination between risk legal and audit all with the focus of improving our fiduciary compliance


The late fourth quarter uptick in demand was especially pronounced in the pistol ammunition category. Winchester has continued to see growth in its core commercial ammunition business.

the late fourth quarter uptick in demand was especially pronounced in the pistol ammunition category winchester has continued to see growth in its core commercial ammunition business


If you have a question, please raise your hand. The first row, please wait for the microphone, and let us know your name and affiliation before you begin your question.

if you have a question please raise your hand the first row please wait for the microphone and let us know your name and affiliation before you begin your question


operation between regular maintenances with no issues, then you can't guarantee that there won't be some other issue.

operation between regular maintenances with no issues then you can't guarantee that there won't be some other issue


with the company almost from its very start where we were very early investors in the company and carried it all the way through to IPO. And

with the company almost from its very start where we were very early investors in the company and carried it all the way through to ipo and


New store revenues and credit performance continue to be in line with our expectations, which provides us with increasing confidence in our retail expansion plan.

new store revenues and credit performance continue to be in line with our expectations which provides us with increasing confidence in our retail expansion plan


the first quarter. So there was some really fourth quarter production where the revenue got pushed and the shipments' recognition got pushed into the first quarter.

the first quarter so there was some really fourth quarter production where the revenue got pushed and the shipments recognition got pushed into the first quarter


Credit quality remains solid with lower nonperformers and very modest losses in the third quarter. For the first 9 months, we were actually in a net recovery position.

credit quality remained stellar with lower nonperformers and very modest losses in the third quarter for the first 9 months we were actually in a net recovery position


in the current year that will determine how much of a benefit we get from that new market tax credit award. So that would go, if we do get an award, go towards offsetting

in the current year that will determine how much of a benefit we get from that new market tax credit award so that would go if we do get an award go towards offsetting


Shelby will go into more detail about our fourth quarter financial results and liquidity position. After that, we will open the call for questions.

then shelby will go into more detail about our fourth quarter financial results and liquidity position after that we will open the call for questions


This has been a strategic move on our on-premise teams as we see many new opportunities to infuse our current operations for clients with these special services.

this has been a strategic move on our on-premise teams as we see many new opportunities to infuse our current operations for clients with these special services